Industries, not governments, should be at the forefront of the global technological revolution to create a more sustainable ecosystem and future, according to Aloysius Cheang, Huawei Technologies' chief security officer for the UAE.
While the Middle East is making its presence felt on the international cyber security and innovation stages, it still lacks the maturity of markets such as the US, Europe or Singapore, where industries have a leading role in driving the development and expansion of technology, Mr Cheang told The National at Intersec 2022, held at the Dubai World Trade Centre.
“Yes, [the Middle East] is very developed, but we are still not there yet. It’s all about industries leading a revolution compared to a government-led revolution in cyber security that is more sustainable,” he said.
“The government plays the role of cheerleader as the industry assumes responsibility to push for an industry-led governance system – that is what you call true maturity.”
The world is currently in the midst of the Fourth Industrial Revolution as it reaps the benefits of New-Age technologies, including artificial intelligence, the Internet of Things, robotics and Big Data. The speed of current technology breakthroughs has no historical precedent and is evolving at an exponential rather than a linear pace, according to the World Economic Forum.
The market size for Fourth Industrial Revolution-specific technology was estimated to be $116.1 billion in 2021 and is expected to grow almost three times to $337.1bn by 2028, according to a report by Fortune Business Insights.
The Middle East is well represented at the top tier of cyber security, with the International Telecommunication Union's latest Global Cybersecurity Index ranking Saudi Arabia second and the UAE fifth on the back of strong legal, co-operative measures and capacity development.
Eliminating weapons of mass distraction
When it comes to cyber security, top concerns for organisations include having a master plan and security and privacy by design, which, in turn, will strengthen the digital transformation journey for customers and end users. It would also ensure that the so-called “three Ds” – distraction, disruption and destruction – are not triggered by cyber attackers, Mr Cheang said.
“The biggest challenge is always from the national security side. Any kind of application that acquires the most sensitive data will be the most challenging,” he said.
“You need to build a multilayer defence and every single layer has to withstand the security requirement at that layer before you proceed to the next.”
Cyber security will also be a “key deciding factor” during the adoption phase of the metaverse – the digital space that allows those in it to communicate and move using three-dimensional avatars or digital representations, Mr Cheang said during his address at Intersec.
Regulations need to catch up with the risks involved, ransomware could be waiting to strike and it may result in the “Internet of Vulnerable Things” if not properly addressed, he added.
“Even if your data is unclassified, the challenge comes from managing a big data set. Exclusive and massive data are the two most difficult spectrums,” Mr Cheang said.
“In massive data, one breach of the defence and everything is gone. You can do good for 89 minutes, but if somebody scores against you on the 90th, you lose the game.”
In massive data, one breach of the defence and everything is gone. You can do good for 89 minutes, but if somebody scores against you on the 90th, you lose the game
Aloysius Cheang,
chief security officer of Huawei UAE
In June last year, Huawei said it was working with a number of UAE government organisations to establish the nation as a “globally trusted digital oasis” that is safe from potential cyber threats, while also helping the Emirates achieve its goal of setting up smart cities and e-governments.
During last year's Gulf Information Security Expo and Conference (Gisec) in Dubai, Mr Cheang was also appointed co-chair of the 5G security working group of the Organisation of the Islamic Co-operation's computer emergency response team.
It was also at Gisec 2021 that a call was made to establish cyber security accelerators and support start-ups, as well as attracting talent and more companies to set up shop in the UAE. Updates on this initiative will be provided at this year's event in March, Mr Cheang said.
Mohammed bin Zayed Majlis
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
More coverage from the Future Forum
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If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
More from UAE Human Development Report:
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
